Lee's Summit Business Insurance
(How to find the best coverage in town)
Written by
Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
With 97,290 residents, Lee's Summit is a family-friendly town and a great place to live. This prestigious Missouri city is full of history.
If you own a Lee's Summit business, you'll want commercial protection. Get connected with a local independent insurance agent so you have options. TrustedChoice.com can match your business with a local agent in minutes.
Why Your Lee's Summit, MO, Business Should Have Liability Insurance
General liability, or GL, insurance provides a variety of options for coverage. Its primary focus is to protect your company from a lawsuit. If one occurs, your GL policy will cover things like:
- A bodily injury claim
- An advertising injury claim
- A slander or defamation of character claim
- A property damage liability claim
Whether your operations use a brick-and-mortar or are digital, you'll need GL insurance. When your liability limits get exhausted from a more substantial claim, an umbrella policy can help.
Umbrella insurance will provide coverage above and beyond your underlying GL policy limits. Speak with your independent agent to go over your business's liability insurance.
Cyber Liability Insurance in Lee's Summit:
Cyber liability coverage is another additional policy that makes a big difference. With as little as opening the wrong email, your business could be exposed. Sensitive data getting stolen opens your company up to a huge liability claim. Let's look at the facts on cyber:
- Number of US identity records exposed in 2019: 164.68 million
- Number of US data breaches in 2019: 1,473
When the risks are high and your business could be liable, you don't want to take the chance. Cyber liability will protect your business against the unknown cyber attacker. When your employee or customer data is stolen, a lawsuit could cost thousands of dollars. Connect with a Lee's Summit independent agent on cyber liability coverage and get the protection your business needs.
When Your Lee's Summit, MO, Business Owns a Property
If your company owns a commercial property or any other real estate, you'll want protection. Just like your home insurance, your commercial building needs coverage. A commercial property policy will pay for the replacement or repair of your structure and belongings. The most frequent risk factors in Lee's Summit, MO, are:
- Floods
- Storms
- Tornadoes
- Winter storms
- Drought
Your policy will pay for all of these exposures, excluding flood damage. For that, you'll need a separate flood policy.
Why You Need a Separate Flood Policy:
A commercial property needs adequate protection against catastrophes and natural disasters. Flooding can cause a lot of damage, and according to FEMA, just one inch of water starts at $25,000 in expense.
An agent can pull your flood zone and quote flood insurance through a FEMA-approved carrier. Speak with your local independent agent to get started.
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Business Interruption Insurance in Lee's Summit, MO
Lee's Summit, MO, has it's own risk factors when it comes to natural disasters. When your business is struck by an unavoidable event creating closure of operations, business interruption coverage is needed.
Business interruption insurance: This will pay for regular business expenses like mortgage, rent, utilities, and payroll when your business temporarily closes. This is due to a covered loss and is typically for a period of 12 to 24 months.
Your GL policy will have business interruption coverage as an option. Contact your local agent to make sure your small business policy has proper protection.
Why Your Lee's Summit, MO, Business Needs Workers' Compensation Insurance
A workers' compensation policy will protect your company from a lawsuit due to an injured or ill employee. When a staff member gets hurt on the job, your business is liable. Let's look at the statistics:
- Over 70% of workers unrecovered from a work-related injury within 12 weeks will go on disability insurance.
In Missouri, you must carry workers' compensation coverage if you have five employees or more. Most agents will recommend a policy with even one employee. The standard coverage limits start at:
- $100,000 per occurrence for bodily injury
- $100,000 per employee for bodily injury by disease
- $500,000 policy limit for bodily injury by disease
With the state-mandated requirements being so low, your independent agent may discuss more viable options.
How Employee Benefits Can Help Your Lee's Summit, MO, Business
Over 77% of employers are contributing to their employee's healthcare costs. When you are looking for new talent, you have to stay relevant. If you want to add value, an employee benefits plan can help. Take a look at the numbers:
- Average annual health premiums for family employee coverage in 2019: $20,576
- Average annual health premiums for single employee coverage in 2019: $7,188
When you offer benefits to your current and future employees, you can retain and attract more people. Employee benefits will provide cost-sharing for the following items:
- Healthcare
- Life insurance
- Disability insurance
You can choose how much your company wants to contribute with your independent agent.
Work with a Lee's Summit, MO, Independent Agent
If you are searching for the best business policy in town, an independent insurance agent can help. They compare coverage and pricing with local carriers.
When you work with an independent agent, it costs you nothing and can help keep premiums low. Connect with an agent on TrustedChoice.com and start saving today.
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